Okay, so I'm a numbers guy and clients ask me about the deficit and what it means. A friend sent me this which kind of explains our plight pretty well. US Tax Revenue $2,170,000,000,000 Federal Budget $3,820,000,000,000 New Debt $1,650,000,000,000 National Debt $16,300,000,000,000 Budget Cuts $38,500,000,000 So to put things into perspective let's make this a family and take away eight zeros. Annual Family Income $21,700 Annual Family Spending $38,200 New Credit Card Debt $16,500 Old Credit Card Debt $162,300 Spending Cuts Made $385 Now don't you feel so much better about the future of the US?
Did you ever stop to think about what the effect would be on Canada and Mexico if the US ever completely collapsed? All three countries are so linked economically that an economic collapse by the US would be followed by economic calamity in the other two countries fairly soon. The nutty spending that is continuing in Washington is going to catch up with all of us. When it does the repercussions will be felt all over the world. I really don't understand why there are politicians in Washington that insist that Medicare, Social Security, and now Obamacare are a God given right and the future generations be damned.
Like Keith said. It's obvious, with a wink. Increase your income (tax revenue) to more than what you spend (federal budget) and pay off your credit card (National debt) little by little. One day the books will balance.... eventually. With the US enjoying some of the lowest taxation rates in the World why is it that everyone (at least here) seems to think that reducing spending is the answer when increasing taxation is likely to get the debt erased quicker. "I don't like being in debt but I'm not willing to do anything to reduce it if it affects me personally - that's someone elses obligation"
The number one reason is in Washington, if they get more money then they simply spend it on another project, and don't use it to reduce debt. The SPENDING CUTS of the 90's were the reason for the surplus. You can't find anyone in Washington reducing anything. For those chosen few its a lifestyle they will never give up.
If China decided to dump the US National Debt over night, it would bankrupt America in a blink of an eye & that is what the Arab Nations are waiting for. The world's different currency's would still exists... The American dollar is the most counterfeit debt every reproduced illegally through trade agreements. Over 60% of production that is bought in America is foreign owed, China produces the labour and those business in China are owned or financed through mostly Arab Nations &/or their money. [ame=""]US Debt Crisis - 2012 was only for America - YouTube "The United States is the enemy of humanity" Che Guevara Cuban Revolutionist
Or make more of the family members start working. 46% of US households paid no Federal Income Tax in 2011. WTF
